How long will you live?
No one can answer this question with certainty, but we do know a number of factors that could help you live a longer life. Some of them are obvious – not smoking, eating healthy, exercising. But other factors may be a surprise.
One of them is your level of education. Researchers now know that more education means a longer life. And, the higher the education, the more likely you will live longer in good health.
The Canadian Institute of Actuaries (CIA) studied this topic in a recent report called Education and Longevity (www.cia-ica.ca/longevity). Some of the findings are surprising:
- On average, a 23-year-old man with low education has an expected lifespan of 74 years, but 82 years with high education.
- On average, a 23-year-old woman with low education has an expected lifespan of 81 years, but 86 years with high education.
- You might think that having more money means having a longer life, but we found that someone’s education level (and not wealth) made the most difference in longevity.
Research has shown that higher education levels help break the cycle of poverty and lead to better health from one generation to the next. It often leads to better job opportunities, higher income and the ability to live a healthier lifestyle, all of which helps extend lifespans.
Education also gives you a better quality of life as you get older. For example, having a higher level of education means you are less likely to develop dementia. Being healthier into old age means you might make more money, since you can work longer and participate longer in society. Healthier, older adults can also relieve some of the strain on our health-care systems by needing less medical support.
All of this means that improvements in policies and funding to help more people graduate from secondary and post-secondary education can lead to a healthier, longer-living society. This sounds like money well spent!
Digging into longevity as an actuary
Actuaries are risk management experts and problem solvers. They use skills like math and statistics to think about the future and what it might look like. For example, actuaries study the longevity of people in Canada and around the world to help make sure there are the right supports in place as people age, like life insurance and retirement plans.
Based on our study, we know that if more people in Canada earn higher education levels, they will likely live longer and have healthier lives. To an actuary, this means the pricing of life insurance might need to change because people are living longer and have fewer illnesses and accidents. People in Canada might even save money on insurance costs, as they are less likely to die young. But it also means that they might need more money when they retire, since they will live longer and need to support themselves for more years. Actuaries might need to change the costs of pension plans to help people in Canada save more money and be ready for a longer retirement.
Using studies like this, actuaries build data models to estimate costs of life insurance or pensions. They use their models to help companies make sure their programs and services are stable into the future, to help governments create laws and regulations that protect Canadians, and to help individuals make decisions about their money.
Becoming an actuary
Actuaries don’t just work in insurance and pensions. They also work in fields like banking, artificial intelligence, health care, and even climate change, helping all types of businesses, governments, and organizations make good decisions for the future of all living in Canada.
For high school students in Canada interested in becoming actuaries, the path includes:
- Choose math in high school. You need math credits like grade 12 algebra and calculus.
- Earn your degree in actuarial science. To earn your actuarial designation more directly, enrol at one of these CIA-accredited universities in Canada: Concordia University, Simon Fraser University, Université de Montréal, Université du Québec à Montréal, Université Laval, University of Calgary, University of Manitoba, University of Regina, University of Toronto, University of Waterloo, University of Western Ontario.
- Get qualified through the CIA. Take CIA courses and actuarial exams to become an Associate of the Canadian Institute of Actuaries (ACIA). Advance your career by then becoming a Fellow of the Canadian Institute of Actuaries (FCIA) – the highest designation of the actuarial profession in Canada.
Visit AllAboutActuaries.ca to learn more about this rewarding career and chart a path to helping Canadians face the future with confidence.
